I think he meant that was the rate that succeeded...I've read Liar's Poker...one of my favorite books. I'm reading Den of Thieves right now. Thanks again for the info/advice guys.
Haha, I agree. Actually one of my favorite quotes about investment bankers vs. traders comes from FIASCO by Frank Partnoy: "Investment bankers are conservative, cultured, slow-moving men (and a few women) who advise corporate executives about which country clubs they should join; their favorite phrase is 'How extremely interesting.' Salesmen and traders are wild, cunning, aboriginal creatures who advise money managers about deceiving their bosses and finding new strip bars; their favorite phrase is, 'Fuck you.'"
Hey Bro, I'm in prop trading and it rocks. I'm fairly new to the game, but I am teamed up with very successful traders and am already making progress. Check it out: There is no corporate nonsense, you are your own boss and you can work as little or as much as you want to (of course the less you work the less you make). I can go to work in a toga and trade whatever the heck I want for my account (most Street firms have employee trading policies). The time to go into prop trading is right out of college. Not having to be a phony and kiss some IB guy in wingtips' butt...priceless! JMO!
I'm familiar with prop trading but I'm not sure if it's what I want to do. As I mentioned before, I'd really like to trade on the floor, but that is no longer an ideal place to start a career, especially for someone my age. The other ideas I had were to maybe trade a at a firm like Goldman Sachs or Merrill Lynch. The business school that I'm hoping to get into is ranked very high, so this isn't a pipe dream for me...but as I also mentioned before I'd really like to get into hedge funds, or at least some form of managing money.
I graduated from Seton Hall University three years ago with an accounting degree, I wish I knew now what you know as a freshman. If I could do it all over I would major in finance and try my best to get an internship at GS, MS, or ML even a hedge fund if they have internships, Graduate and hope to trade with them for a few years busting my ass, learn as much as possible, maybe trade on my own or prop after that for a few more years then start managing money. Just my opinion but if I could turn it back thats what I would do.
something that i would make sure to stress to you..on top of grades and a good school...is PERSONALITY MATTERS. i mean it matters a lot. what the business world boils down to to some degree is who likes you and why. I know traders at very large places in NYC pulling in up to $2,000,000 per year. Last time i was in NYC at an IDB...i met the team of the emerging markets desk...nice guys..i was really impressed. I asked the usual questions...where are you from, what are your backgrounds...whatever. the top guy just went to some local school...another went to a small college in jersey, two guys were ivy leage..and a few others from well known schools, one was marine corp recon. The primary constant among them was the following: 1. nice guys that you can get along with...they chat shoot the bull, and can keep a conversation going. 2. Sincere. they didnt pretend to be anyone they werent or didnt act like they were special. they had kids and families..and that was their priority. 3. sharp and focused. when they traded, they were in another world. could turn it on and off like a switch. 4. Were all REFERRED by friends at other firm to work there. all of them were there becacuse somebody made a phone call on their behalf. remember that. they are just regular guys like you and me..no matter what firm it is. they are sharper than your average house cat...but all in all, it doesnt take god like status to get to where you want to go.
at wharton biz school, trading careers are typically shunned and avoided like the plague cos it's about true talent, and not work (overachieving, brown-nosing). one important thing to understand is anytime this college grad fails, it has nothing to do with him and everything to do with everything else. i'm assuming you're refering to the real world jobs right out of college. trading and investment banking are two completely different things. one requires ability. the other is modern day slavery.